BullionGoldSpot gold prices gained on Tuesday on standoff between Russia and Ukraine hurting economic confidence in the euro zone economy. Investor morale in Germany, Europe's largest economy, plunged in August to its lowest level in more than a year and a half as the crisis in Ukraine took its toll, the ZEW monthly survey showed. Gold prices gained further grounds as the S&P 500 equities index slipped on heightened uncertainty over Ukraine and the Middle East.Russia said a convoy of 280 trucks had left for Ukraine carrying humanitarian aid, amid Western warnings against using help as a pretext for an invasion. Also, investors have been cutting positions in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund.On the MCX, gold prices gained by 0.34 percent and closed at Rs.28730/10gms.SilverSpot silver prices declined by around 0.8 percent on Tuesday on profit booking at higher levels and declining speculative interest in the metal. Strength in the Dollar index and weakness in copper prices dragged prices further.On the MCX, silver prices declined by 0.3 percent and closed at Rs.43712/kg.Outlook Gold SilverOn an intraday basis, we expect gold and silver prices to trade sideways as the precious metals have been volatile in the recent weeks reacting on the reports of Ukraine and Russian situation on one hand while on the other hand tensions between US and Iraq continue to dominate safe haven bids.The Zew sentiment report released yesterday showed that the investor morale in the Euro-zone is at the lowest level in more than a year and this can act as a positive factor for prices.On the MCX, gold and silver prices are expected to trade sideways taking cues from sideways trade in international markets.EnergyCrude OilWTI and Brent crude oil prices declined in yesterday’s session by around 0.7 percent and 1.7 percent respectively as as ample supplies countered any disruption risks posed by lingering tensions in Iraq and Libya. It was the fourth day of losses for the oil benchmark and comes after the International Energy Agency pointed to high supplies and even a glut in the Atlantic Basin.The unrest in Iraq has yet to disrupt supplies from the No. 2 OPEC producer even as the Obama administration has sent about 130 additional military personnel to Iraq as Washington seeks to help Iraq contain the threat posed by hardline militants from the Islamic State.API inventory updateThe API released its weekly inventories report last night and US crude oil inventories rose by 0.229 million barrels for the week ending on 8th Aug2014. Gasoline stocks rose by 2.7 million barrels whereas distillate inventories fell by 2.6 million barrels for the same time period.EIA inventory forecastThe EIA is scheduled to release its weekly inventories report tonight at 8 PM IST and US crude oil inventories is expected to decline by 2 million barrels for the week ending on 8th Aug 2014. Gasoline stocks are expected to decline by 1.1 million barrels, whereas distillate inventories are expected to increase by 0.2 million barrels for the same time period.Outlook Crude OilOn an intraday basis, we expect crude prices to trade lower on account of ample global supplies. Although, the geo-political situation continues to bothers energy markets, there is no threat to actual supplies. Meanwhile, a slew of Chinese data including industrial output and retail sales for July due today should give further clues on the state of the world's No. 2 economy and second-largest oil consumer. Retail sales in the United States in the evening session would provide further cues to crude prices.On the MCX, crude prices are expected to trade lower taking cues from weakness in international markets.Base MetalsBase metals on the London Metal Exchange (LME) apart from Copper traded mostly higher on Tuesday owing to rise in risk appetite in the market sentiments.However, mixed trend in LME inventories along with weak economic data from Euro Zone restricted sharp upside in prices.Nickel prices are retarding higher despite stocks jumped 840 tonnes to a record high of 319,590 tonnes as Indonesia is clearly not backpedalling on its export ban for unprocessed nickel ore when prices are looking firm while current demand seem robust.MCX base metals traded on a positive note in line with trend in the international markets.CopperLME copper prices declined by 0.6 percent on Tuesday as disappointing German data stoked concerns that growth is slowing in Europe's largest economy. The data exacerbated investor worries about whether the euro zone's slow pace of recovery will hurt demand for copper, a metal that is widely used in manufacturing. Also, falling demand in the northern hemisphere summer season and more supply coming on stream as major smelters in China and South Korea restart after maintenance is exerting downside pressure on prices.However, rebound in market sentiments along with 0.5 percent decline in inventories cushioned sharp downside in prices.MCX Copper prices declined by 0.4 percent and closed at Rs.427.9/kg.Outlook CopperWe expect LME copper prices to trade sideways today ahead of July industrial production and retail sales data from China, the world’s biggest consumer of industrial metals. Also, estimates of flat retail sales data from the US in the evening session will provide further direction to prices.In the Indian markets, base metals will trade sideways taking cues from international markets.